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Questions

Identify the Parties:

Double-check the business terms: What are the special terms of a contract:

Double check the business terms of the contract (price, amount, duration, square footage, etc.) to determine whether it accurately reflects the agreement of the parties. E.g Are there automatic renewals?

Do you have to give notice if you do not want to renew? Are there penalties if notice is not timely given? Is renewal on the same terms as the original agreement? Are there price increases? Consider adding options to renew on favorable terms. Who bears the risk?

Determine how risk is to be allocated. Risk is typically borne by the party in the best position to prevent loss. Check insurance requirements. Will you be able to obtain the required insurance within your budget? Are there hold harmless and indemnification provisions?

What happens in the event of default?

Are there remedies provisions? Determine the worst that can happen to you if you default. Explore ways to limit your liability. Also determine what types of remedies you need in the event the other side defaults.

What are the causes for termination?

Are there any warranties and representations?

What are the rights and responsibilities?

How will disputes be resolved?

Are there remedies provisions?

Determine the worst that can happen to you if you default. Explore ways to limit your liability. Also determine what types of remedies you need in the event the other side defaults.

What are the causes for termination?

Are there any warranties and representations?

What are the rights and responsibilities?

How will disputes be resolved?